MIRA collects MVR 1.51 billion in tax revenue for November

Maldives Inland Revenue Authority (MIRA) has announced it collected MVR 1.51 billion as total revenue in the month of November, a figure higher than the tax revenue collected during the same period last year.

The monthly revenue collection report published by MIRA on Thursday shows the total revenue collected in November 2022 was 20.4 percent higher than the revenue collected in November 2021, and 43.7 percent higher than the projected revenue for the month.

MIRA attributed the rise in revenue in July 2022 to increment in collection of Lease Period Extension Fee, Income Tax, Airport Development Fee, Departure Tax, TGST and Green Tax.

Another reason MIRA attributed the increase in revenue collected in November 2022 is the 8.2 percent higher tourist arrival rate compared to November 2021 – effectively increasing the collection of airport taxes and fees. 

Tax revenue collected in November 2022 is also higher than tax revenue collected in October 2022 – being MVR 1.25 billion.

The biggest contribution to revenue in November came from GST. MIRA collected MVR 787.62 million in GST, which contributed to 52.3 percent of total revenue.

Top revenue contributors:

• GST: MVR 716.47 million (52.3 percent)
• Lease Period Extension Fee: MVR 230.35 million (15.3 percent)
• Income Tax: MVR 145.33 million (9.6 percent)
• Green Tax: MVR 76.28 million (5.1 percent)
• Airport Development Fee: MVR 73.35 million (4.9 percent)

The MVR 1.51 billion in revenue collected in November includes USD 63.68 million.